Roxy-Pacific-led consortium behind the en bloc purchase of Bagnall Court

A consortium led by property developer Roxy-Pacific Holdings acquired the freehold site of Bagnall Court along Upper East Coast Road in District 16 for $115.28 million in January. Tan Hong Boon, JLL’s executive director, brokered the sale.

According to Teo Hong Lim, Roxy-Pacific’s executive chairman, the consortium plans to develop the site into a five-storey condominium with 113 units, which will be the first freehold project launched in the area in a while.

The 43-unit Bagnall Court sits on a 69,563 sq ft freehold site with a gross plot ratio of 1.4 and a height of five storeys as per the 2019 Master Plan. It is within a five-minute walk to the upcoming Sungei Bedok MRT interchange station, and one stop away from the planned Bedok South Integrated Transport Hub expected in 2024.

Teo highlighted the neighbourhood’s potential with the transport hub’s completion, in addition to URA’s rejuvenation plan around Laguna Golf and Country Club, Bedok Camp and Bayshore Road.

The sale was completed through a 10-week private treaty period after the tender in October 2022. JLL had initially proposed a price tag of $125 million. The proceeds for the unit owners range between $2.03 million and $3.78 million.

The land rate of $1,106 psf per plot ratio (psf ppr) includes an 8% bonus Tengah EC gross floor area (GFA) for balconies.

This is the first collective sale of 2023, and marks a positive start to Singapore’s investment market. Despite this, most deals remain bite-sized.